Singapore’s offshore and marine contractor Sembcorp Marine has posted a first half net loss of $647 million (US$478.3 million), including provisions of S$472 million, on revenues of S$844 million.

Sembmarine’s provisions include the expected significant increase in costs for it to complete existing projects at its yards – most of these projects have been hit by delays of more than 12 months as disruptions due to the Covid-19 pandemic continue.

The reintroduction of Covid-19 measures early this year, including tighter border controls, have disrupted supply chains and exacerbated the shortage of skilled manpower.